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Bulls may prevail over Bears in TRON market
TRON Price Analysis – 06 December
If the purchasing momentum pushes through the resistance level at $0.104, the price of TRON can break through the $0.110 and $0.112 barriers. If selling continues, it might be able to cross the $0.097 and $0.094 support levels if it falls below $0.101.
Key Levels:
Resistance levels: $0.104, $0.110, $0.112
Support levels: $0.101, $0.097, $0.094
TRX/USD Long-term Trend: Ranging
TRON is trading within a range. Last week, the coin was displaying a red on the daily chart. The bullish momentum that started three weeks ago placed the price at a $0.110 resistance level. The just mentioned level was tested twice, leading to the double top chart pattern formation. On November 26, sellers managed to hold onto the price at its peak of $0.110. There was less buyer pressure in the market. The price started to decline on November 14 after the appearance of a double top chart pattern. The $0.101 support level is tested and low volatility is set in. TRON market is currently ranging between $0.104 and $0.101 levels.
The fast EMA is interlocked with the slow EMA, which caused the coin’s price to move over and around the EMAs as a symbol of the ranging market. If the purchasing momentum pushes through the resistance level at $0.104, the price of coin can break through the $0.110 and $0.112 barriers. If selling continues, TRON might be able to cross the $0.097 and $0.094 support levels if it falls below $0.101.
TRX/USD Medium-term Trend: Ranging
On the 4-hour chart, TRON is ranging. When it tested the $0.110 barrier level and failed to break through, the bulls’ joy waned. It fluctuates at the same pace for a week. As the price approaches $0.094, sellers are maintaining the $110 mark, and bulls are still attempting to test the previously indicated resistance level. Currently, the price is consolidating between $0.104 and $0.101 levels.
The price of TRON is currently above the exponential moving averages with periods of 9 and 21. The period 14 signal line of the relative strength index is going upward at level 59, suggesting a possible positive trend.
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